Pattern Breakers: How to find a breakthrough startup idea | Mike Maples, Jr. (Founding Partner at Floodgate, ex-Product at Silicon Graphics)

Jul 7, 2024 Episode Page ↗
Overview

Mike Maples Jr., legendary early-stage investor and Floodgate pioneer, shares his research on breakthrough startup ideas. He uncovers three elements (inflections, insights, founder future fit) and three actions (movements, storytelling, disagreeableness) that differentiate world-changing startups.

At a Glance
18 Insights
1h 49m Duration
16 Topics
7 Concepts

Deep Dive Analysis

Mike Maples' Inspiration for Writing 'Pattern Breakers'

Methodology for Uncovering Startup Insights

Overview of the Pattern Breakers Framework

Understanding Inflections: External Drivers of Change

Examples of Inflections in Startup Success

The Role of Insights in Breakthrough Ideas

The Power of Surprises and Earning Secrets

Founder-Future Fit: Aligning Founders with the Future

Practical Advice for Finding Great Startup Ideas

Identifying and Leveraging Lighthouse Customers

The Importance of Customer Desperation

Creating Movements for Startup Success

Storytelling as a Persuasion Tool for Founders

The Role of Disagreeableness in Startups

Applying Pattern-Breaking Principles Within Large Companies

Lightning Round

Inflection

An inflection is an external event that creates the potential for radical change in how people think, feel, and act. It represents a turning point where something new is introduced, enabling new forms of empowerment for the first time.

Insight

An insight is a non-obvious truth about how one or more inflections can be harnessed to change people's behavior. It must be non-consensus and ultimately proven right, leading to a radically different future rather than merely extending the present.

Founder Future Fit

This refers to the specific traits a founder possesses that make them ideally suited to a certain type of future. It encompasses intrinsic motivation, a relevant network, and a deep, visceral understanding of what is missing in that future, often gained by 'living in it'.

Movement (Startup Context)

In a startup context, a movement is a strategy to develop a market by leveraging a grievance of a minority against the tyranny of a majority. It animates early believers to be emotionally committed to moving towards a different future, crystallizing a choice and eventually turning heresy into conventional wisdom.

Earned Secret

An earned secret is a non-obvious truth or discovery gained by actively tinkering with new technologies or behaviors at the cutting edge and being open to surprises. It comes from getting hands-on experience and noticing possibilities that most people overlook because they are validating existing beliefs.

Disagreeableness (Startup Context)

Disagreeableness in a startup context is the founder's willingness to pursue something they are obsessed with, even if it means sacrificing status or being disliked, because fulfilling the mission is more important than fitting in. It embodies the courage to be non-conformist and challenge the status quo.

Backcasting

Backcasting is a strategic thinking method where great founders assume a radically different future must exist for them to achieve significant success, and then work backward from that envisioned future to identify current opportunities. This contrasts with forecasting, which projects the present forward.

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Why did Mike Maples, Jr. decide to write 'Pattern Breakers'?

He noticed that 80% of his firm's exit profits came from pivots and that successful companies often didn't follow conventional best practices, leading him to research what truly drives breakthrough success.

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What are the three elements of most breakthrough startup ideas?

The three elements are inflections (external events creating radical change), insights (non-obvious truths about harnessing inflections), and founder future fit (the founder's ideal suitability for a specific future).

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How do startups win against big companies?

Startups win by proposing a radically different future that disorients incumbents, rather than by simply executing 'better' on existing paradigms.

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What is the role of 'surprise' in finding breakthrough ideas?

Actively savoring surprises and constructing experiments to be surprised is crucial because breakthroughs haven't been discovered yet, and surprises reveal undiscovered truths.

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What does it mean for a founder to 'live in the future'?

Living in the future means immersing oneself in cutting-edge technologies or behaviors to viscerally understand what is missing, thereby validating one's intuition about what to build.

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How can founders identify 'lighthouse customers'?

Lighthouse customers are tech-forward early adopters who are living in the future and whose needs, if solved, will lead the startup to broader success, as their advanced requirements often become mainstream.

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Why is customer 'desperation' important for startups?

Customers must be so desperate for a solution that they are irresistibly drawn to the startup's unique offering, as they won't tolerate the inherent imperfections and risks of doing business with a nascent company otherwise.

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How do successful startups create 'movements'?

Startups create movements by leveraging a minority's grievance against the majority, appealing to a higher purpose, and animating early believers to emotionally commit to a different future.

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How does effective storytelling work for startups?

Storytelling for startups involves creating a stark dichotomy between the current world and a desirable future, positioning early believers as heroes, and providing them with reasons (tools, beliefs) to join the founder's transformational journey.

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Why is 'disagreeableness' a valuable trait for founders?

Great founders are often disagreeable because they are willing to challenge the status quo, pursue their obsessions despite social pressure or criticism, and prioritize fulfilling their mission over fitting in.

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How can pattern-breaking principles be applied within large companies?

Large companies can apply these principles by treating pattern-breaking ideas as autonomous, discreet projects, often led by mavericks, and making small, visible bets that are allowed to fail, rather than integrating them into existing value delivery systems.

1. Understand Breakthrough Startup Elements

Recognize that breakthrough startup ideas are built on three pillars: external “inflections” creating new possibilities, “insights” from founders about harnessing these, and a strong “founder future fit” for the specific future.

2. Identify & Stress-Test Inflections

Actively seek external turning points (technological, regulatory, belief shifts) that empower people in new ways. Stress-test inflections by asking: what new thing was introduced, whom does it empower, and under what conditions will this empowerment be realized?

3. Earn Secrets by Getting Hands Dirty

Develop unique insights by immersing yourself at the cutting edge of new technologies and actively exploring for its own sake. This hands-on approach helps you discover what’s missing in the future that others overlook.

4. Seek Non-Consensus, Right Insights

Aim for ideas that are non-obvious and non-consensus, where a small subset of people will be deeply enthusiastic, even if the majority are indifferent or hostile. This radical differentiation helps avoid direct competition with incumbents.

5. Backcast from a Radically Different Future

Instead of forecasting from the present, assume a radically different future and work backward to identify what needs to be built. This mindset helps generate truly pattern-breaking ideas that redefine markets.

6. Live in the Future to Inform Intuition

Proactively spend time where the future is already happening (e.g., with cutting-edge tech, lighthouse customers, or by shadowing visionaries). Your intuition about what to build will be more accurate if you’re immersed in what’s missing in that future.

7. Force a Choice, Not a Comparison

Create products that are so radically different that they force customers to choose between your offering and the status quo, rather than comparing features. Target users who are desperate for your unique solution, even if imperfect.

8. Prioritize Insight Over Initial Product

If your core insight is strong, be prepared to pivot your initial product implementation multiple times. The right insight provides a “first-mover advantage into the future” and allows you to navigate to the correct product-market fit.

9. Cultivate Founder-Future Fit

Ensure your personal background, network, and intrinsic motivation align perfectly with the specific radical future you aim to create. This authentic match increases your likelihood of understanding what to build and convincing early adopters.

10. Wage Asymmetric Warfare on Incumbents

Don’t compete with large companies by trying to “execute better.” Instead, leverage inflections and unique insights to propose a radically different future, disorienting incumbents and changing the rules of the game to your advantage.

11. Build a Movement, Not Just a Product

Frame your startup as a movement that appeals to a higher purpose, rallying early believers who share a common grievance against the status quo. This emotional commitment drives adoption and accelerates market creation.

12. Master Hero’s Journey Storytelling

Craft compelling narratives by contrasting “the world that is” with “the world that could be.” Position your early customers, employees, and investors as the heroes of this transformation, tailoring the story to their individual motivations.

13. Embrace Product Disagreeableness

Be willing to pursue ideas that are initially disliked or considered crazy, and don’t shy away from challenging existing norms. Great founders are often disagreeable, prioritizing their mission over fitting in or seeking universal approval.

14. Savor Surprises in Experiments

Design experiments to actively seek and appreciate unexpected outcomes or data points. Surprises are valuable gifts that reveal undiscovered truths and can lead to significant breakthroughs in understanding demand or behavior.

15. Build for Lighthouse Customers

Identify and solve problems for “lighthouse customers” who are already living in the future and playing offense with new trends. Meeting their advanced needs can guide your product development and lead to broader market adoption later.

16. Tolerate Internal Startup Chaos

Understand that early-stage startups are inherently ambiguous, messy, and characterized by constant debate and iteration. Embrace this internal chaos as a natural part of building a movement and discovering a new market.

17. Implement Skunkworks for Corporate Innovation

Within large companies, foster pattern-breaking ideas by creating autonomous, discreet “skunkworks” teams. These units should operate separately from the main organization, with different risk profiles and leadership, to avoid being pulled back into existing patterns.

18. Do Your Best (Personal Ethos)

Adopt a personal philosophy of always doing your best, not striving to be “the best,” but to honor your unique capabilities and time. This internal drive fosters authenticity and resilience, helping you navigate the challenges of innovation.

Business is never a fair fight.

Mike Maples, Jr.

The way startups win is because it proposes a radically different future, disorients the incumbent, and chaotically moves people to that different future.

Mike Maples, Jr.

The rock is the inflection. The slingshot is the insight that David shoots at Goliath.

Mike Maples, Jr.

If you're living in the future and you notice what's missing, your intuition about what to build is far more likely to be right.

Mike Maples, Jr.

If everybody's selling apples, I can't be a 10 times better apple. I want to be the world's first banana.

Mike Maples, Jr.

The founders sometimes make the mistake of thinking that they're the hero, but they're not. The early believers are the heroes.

Mike Maples, Jr.

You can't stand out if you always fit in.

Mike Maples, Jr.

Any coin that says can't lose bad on one side of it might as well say can't win big on the other side.

Mike Maples, Jr.

It's okay if most people don't like your idea and it doesn't mean you're right, but sure as heck doesn't mean you're wrong either.

Mike Maples, Jr.

Stress Testing an Inflection

Mike Maples, Jr.
  1. Identify the specific new thing that was just introduced.
  2. Determine how it empowers specific people in specific ways.
  3. Identify the conditions under which that empowerment might be realized.
  4. Identify the conditions under which it might not be realized (e.g., regulation, customer disinterest).

Crafting a Startup Pitch Deck (Early Stage)

Mike Maples, Jr.
  1. **Slide 1**: State clearly what you do, as if the audience knows nothing (e.g., 'We let you rent an extra room in your house,' not 'We're a marketplace for unused residential housing space').
  2. **Slide 2**: Present the non-obvious thing you know (your core insight), explaining why it's a breakthrough and why it matters.
  3. **Slide 3**: Provide proof points (customers, founders, early traction) that validate your insight and cause belief.
$970 million
Twitch acquisition price by Amazon The amount Amazon acquired Twitch for.
85 times
Floodgate's return on Twitch investment Mike Maples, Jr.'s firm's return on their investment in Justin.tv, which became Twitch.
80%
Percentage of Mike Maples' exit profits from pivots Observed from his first 10 years of investing, indicating the importance of adaptability.
one meter
iPhone 4S GPS locator chip accuracy The accuracy with which the iPhone 4S could locate anyone, enabling services like Lyft.
10 million smartphones
Smartphone adoption threshold for Instagram's success A critical mass of smartphone adoption was one of the inflections enabling Instagram.
up to $75
Textbook rental price tested by Chegg (for a $100 textbook) Chegg tested arbitrary prices up to $75, discovering students would pay more than expected for rentals.
$1.5 million
Airbnb valuation at time Mike Maples passed on investment The valuation at which Mike Maples, Jr. had the opportunity to invest in Airbed and Breakfast.
6,000 times
Potential return on Airbnb investment if Mike Maples had invested The estimated return Mike Maples, Jr. would have made if he had invested in Airbnb at the $1.5 million valuation.
18 months
Typical startup spending timeframe for raised capital Referred to as 'Mike's law,' stating startups often spend whatever they raise within 18 months due to pressure.
10%
Recommended percentage of company profits for high-risk projects Vinod Khosla's suggestion for companies to invest in projects likely to fail but with wildly asymmetric upside.